All Forum Posts by: Jaime Penix

I have been thinking about Jacksonville but I have had time to discover the city yet. I am trying to make up my mind should I go ahead and make Jacksonville a real player in my plans

@Basilio Alcantara my situation is not ideal but it is all that I can do right now. But remote investing have not been so bad. Some properties I manage or properties I have hired property management companies. Properties that rented fast and were rock solid properties I rented myself. Properties that I thought I would need to show several candidates and field a lot of calls, I then in turn like the property management do it. If the house is in a area where I have a lot of family around, then I usually rent the house myself. I don't think the fact that you being in Miami should scare you away. Additionally, really you may not need to look into central florida.  Have you looking into the are from Vero Beach to Melbourne? Fort Pierce appears fairly gully over there, so I don't know if I would recommend that city.

@Jeff Morelock I shy away from competition because it drives up prices and create bidding wars. If it is a deal then it is a deal, but many times deals are erased because of the bidding. But I agree you can still find some deals.

@Manny Cirino thanks that is good to know, I have placed bids in Lakeland/Polk county but have yet to win one.

@Jeremy Shinall I actually live in Leesburg, Florida and I invest in all of central Florida. It is true that I take a risk of not knowing the markets as intimate as the locals, however I have gained some general knowledge of central Florida from investing in it over the past few years.  Also I tend to find a deal and work from there. Once a property is targeted, I do my best to decipher all the unknowns about the property. So in essence, I try to learn the salient features of the local market at that time. Being somewhat of a remote investor does have negative aspects but it is what I am limited to right now. I would be more of an ever present investor if I could be, but right now that is not possible.

@Justin Jocewicz I guess it depends on what type of investing you are interested in doing. I think as far as most of the stuff that I do, most areas of central florida are suitable. I haven't bought anything in Lakeland yet but I have put in bids that I lost. I believe it is a growing city, they maybe up to 80k population now. However I am not sure if they are reaching their population ceiling or not. I believe that Bartow a neighboring city is projected to have a large population growth. To answer your question I have purchased in Hillsborough, pasco, sumter,, lake, Volusia, and orange counties. I have not touched down in polk county yet, which is the county that Lakeland resides.

The south florida market is very influenced by foreign investors purchasing with cash. I will stick to central florida for now.

0.1% drop in price signifies it is time to buy? The question is if the pice is 0.1% less now, why not wait it out until the price is 20% less. And even more importantly, why are the prices dropping? Are they dropping because the prices are over inflated as they are presently? Are they dropping because the city is losing population and/or jobs?  This article  seems like a realtor injected hoopla to sell more houses in those quoted areas.

It has worked great for me. I create an individual account for each address. The bank allows me to make as many accounts I want for free. The tenant get a receipt for each of their deposits and I have a computer log of them. They deposit with cash or whatever. I don't have to cash any checks at the bank. It also allows me to track the income and expenses of each address very easily. There is no security risk because the tenant only knows the accounts that they are depositing to and not my actual savings accounts.

@Account Closed if tenant versus no tenant is your main determining factor, I would say it shouldn't be. Some times the tenants in place are not ones you would want to be in place. If they do go with one that has tenants, I would ask to see the rent history of the tenants and their initial application.

@Account Closed in order to get a true analysis of your situation, you will need to provide more details. Purchasing price, financing, rents, taxes, insurance, etc.